2% levy on most insurance policies to fund Quinn

aidan_walsh

http://www.irishtimes.com/newspaper/breaking/2011/0913/breaking29.html

A levy of up to 2 per cent on all non-life and health insurance polices is to be introduced to fund Quinn Insurance.

The new Insurance (Amendment) Bill 2011 was published today by the Minister for Finance.

The joint administrators of Quinn Insurance have previously told the courts that they would need more than €600 million from the Insurance Compensation Fund to meet the solvency requirements for the company.

The Insurance Compensation Fund currently stands at about €40 million. It is believed that the levy, which will indirectly be charged to consumers through their insurance providers, will raise about €65 million per year. Health insurance is not included in the levy.

The Bill will be brought before the Seanad this Thursday and will complete its passage through the Dáil no later than September 29th.

In addition, the Central Bank is directing the Minister of Finance to advance money to the fund for the last quarter of 2011, as permitted under Section 5 of the 1964 Insurance Act.

A similar levy was introduced in 1984 following the collapse of PMPA the previous year. At that time there were not sufficient monies in the fund to meet the liabilities of PMPA.

A levy of 2 per cent was paid by all non-life insurers until the end of 1991. This was then reduced to 1 per cent for the following year.

Another entry in the Big Book of Paying for Other People's Mistakes.

Billy86

Definition of irony: Quinn under-charge people for years to beat their competitors, and as a result their competitors have to over-charge everybody for years to come.

humanji

I don't get this. Why are they getting money? Why aren't they being let go bust? And why does everyone else have to pay?

aidan_walsh

humanji wrote: »

I don't get this. Why are they getting money? Why aren't they being let go bust? And why does everyone else have to pay?

Because they're a big Irish financial organisation who ****ed themselves over and the precedent has been set for this kind of thing.

Mickey H

humanji wrote: »

I don't get this. Why are they getting money? Why aren't they being let go bust? And why does everyone else have to pay?

aidan_walsh wrote: »

Because they're a big Irish financial organisation who ****ed themselves over and the precedent has been set for this kind of thing.

The usual crap again. Johnny taxpayer will fix it. :rolleyes:

Liam Byrne

Sickening!

I certainly didn't vote FG or Labour for them to continue FF's ripping me off to pay for other f**kups!

Basically it's the same crap over and over - if you refuse to pay an overpriced toll, they'll pay it anyway and tax you more; if you switch from AIB or BoI, they'll pay them anyway and tax you more; if you refused to do business with Quinn, they'll tax you more.

Oh to have no ethics and be part of this inner extortion circle and set up for life!

Guy:Incognito

Mickey H wrote: »

The usual crap again. Johnny taxpayer will fix it. :rolleyes:

Fair few johnny taxpayers working there. How much is it costing to keep afloat Vs the amount it would cost to make the people redundant and pay them social welfare?

orourkeda

He's up to his stones in anglo and worthless property.

Sure he needs a hand.

foxyboxer

orourkeda wrote: »

He's up to his stones in anglo and worthless property.

Sure he needs a hand.

Yeah, the back of mine!

Reading Anglo Republic at the moment. A gambler, pure and simple. Despite portraying himself as a humble, frugal chap.

Margin calls on his anglo punt and he handed personal guarantees to Anglo for the entire range of his businesses. :eek::eek:

He can feck right off.

orourkeda

foxyboxer wrote: »

Yeah, the back of mine!

Reading Anglo Republic at the moment. A gambler, pure and simple. Despite portraying himself as a humble, frugal chap.

Margin calls on his anglo punt and he handed personal guarantees to Anglo for the entire range of his businesses. :eek::eek:

He can feck right off.

Sorry. I wasn't being entirely serious.

If there was ever a person blinded by greed then its him.

fontanalis

Shur it was a brit that closed him down.

Son Of A Vidic

We might as well change the name of the country from Ireland, to Bail Out Central.

Kevin Duffy

I spent a fair bit on drink and backing the wrong horses last weekend and I consider myself too big to fail, so have a whipround there please.

goose2005

Ah but shur didn't Sean Quinn do grate tings for de communiteh - right before he blew it on the roulette wheel

westendgirlie

So insurance premiums will, as usual, go up. So on top of that increase there will be a 2% levy.

We haven't heard Budget 2011 yet and I'm already crying into my tesco value soup!

tayto lover

The way things are going if someone commits a murder we will all have to do a bit of his life sentence. But if i make a mistake i have to pay for it myself.

patwicklow

Is it true that quinn played cards once a week with friends for stakes of 50 cents??

westendgirlie

goose2005 wrote: »

Ah but shur didn't Sean Quinn do grate tings for de communiteh - right before he blew it on the roulette wheel

I knew a few people Cavan 5/6 years ago and you know what? They all used to talk as though the sun shone out of Sean Quinns posterior. Exactly as you said it.

dsmythy

So how many jobs were saved from the Quinn bailout?

SEPT 23 1989

Getting so sick of this crap:mad:

dvpower

patwicklow wrote: »

Is it true that quinn played cards once a week with friends for stakes of 50 cents??

Yep. He only ever made tiny bets (except when he was making massive bets).

Billy86

dsmythy wrote: »

So how many jobs were saved from the Quinn bailout?

Even less than you might think - insurance is typically something people have to get, so just as Quinn's customers would have gone to other companies, so too would their staff. Not all of course, but a sizeable amount. That's one of the bigger insults in this whole affair, imo.

Moneygall

2% levy on insurance announced to run Quinn Insurance today... they (Quinn) lost most of their UK customers so Paddy will pay for it ad infinitum..... p time to put an end to there levies .. banks, employment health...name it there a levy .....or one in the pipeline. from this government ... time for the middle class in Ireland to revolt and wise up ... the government must stop paying lump sums.... to retiring Gardai ministers tds ...and exit the euro

Evaex

Sean Quinn also has property loans from Anglo Irish Bank estimated at about €2.8 billion (the property is now worth substantially less). He has given €200 million to his children so far, and Quinn family members are trying to transfer assets to other countries such as Sweden and Latvia which would be beyond the reach of Anglo Irish Bank.

I wonder will Quinn workers continue their pathetic fawning over Sean Quinn and continue to protest against the government and calling for his reappointment as head of the Quinn group as they did in May. And will we continue to hear gombeen Irish Cavan farmers complain about the Brit Matthew Elderfield's vendetta against one of their local betters.

Royal Dub

In France, Quinn and his like would be burnt out of their premises

Paddy lies down and takes it up the arse

Liam_Flag

One more for the list of reasons to emigrate.

orourkeda

Evaex wrote: »

Irish insurance policy-holders (excluding life-insurance) will be hit with a 2 per cent levy to pay for the wreckless gambling of parasite Sean Quinn on the share price of Anglo Irish Bank. This is necessary to raise €400 million - Quinn Insurance has lost €700 million.

Sean Quinn also has property loans from Anglo Irish Bank estimated at about €2.8 billion (the property is now worth substantially less). He has given €200 million to his children so far, and Quinn family members are trying to transfer assets to other countries such as Sweden and Latvia which would be beyond the reach of Anglo Irish Bank.

I wonder will Quinn workers continue their pathetic fawning over Sean Quinn and continue to protest against the government calling for his reappointment as head of the Quinn group as they did in May. And will we continue to hear gombeen Irish Cavan farmers complain about the Brit Matthew Elderfield's vendetta against one of their local betters.

http://www.independent.ie/business/irish/price-of-sean-quinnrsquos-reckless-gambles-we-pay-euro400m-2875698.html

You have to see that to truly appreciate it

Evaex

Royal Dub wrote: »

In France, Quinn and his like would be burnt out of their premises

Paddy lies down and takes it up the arse

What a modest house he owns though..

http://www.belfasttelegraph.co.uk/multimedia/archive/00033/quinn_33672t.jpg

Royal Dub

Remember the ''Rich List'' programmes year after year and Quinn was top/near top of list every year, then in the run up to the crash he was busily transferring cash to his kids

orourkeda

Royal Dub wrote: »

Remember the ''Rich List'' programmes year after year and Quinn was top/near top of list every year, then in the run up to the crash he was busily transferring cash to his kids

Would you give it all away?

FetchTheGin

It is the community that the Quinn business surrounds that I feel sorry for, if Quinn went belly up, they would all be social welfare statistics for a very long time.

Still like any failing company, it should be allowed to collapse.

Guy was a sham. Everybody said that he was great for bringing jobs to a backwater like Cavan. The insurance company was the main driver of the jobs. But that was been run on gambling effectively (not in the mood for going through reserves etc.). Between this and the debts he owed Anglo - let's conservatively say €2 billion euro you could pay 6,000 people in Cavan to twiddle their thumbs for 11 years at 30k a pop. Same result... And he gets away with transferring 200 million or so to his kids - this is criminal.

another reason to get out of here indeed.

squod

If it wasn't bad enough that the tax payer had to front the bill for the Anglo bail-out fraud we're now expected to pay some €320m to cover Quinn insurance groups' losses in the UK.

According to an article on Newstalk (John Lowe: The Money Doctor) there's a shortfall of some €750m that Quinn is liable to pay for in it's UK operation. The attorney general here has ordered us (the Irish citizen) to pay a 2% levy on our home and car insurance to cover the outstanding balance of €320m. This will effect every company providing cover to Irish consumers.

FFS. What an abhorrent way to treat your paymasters.

smash

Already a thread about this

The Master

Multiple Threads Merged

starbelgrade

glasso wrote: »

Guy was a sham. Everybody said that he was great for bringing jobs to a backwater like Cavan.

He was great for bringing jobs to Cavan, but not great for this almighty fuck up.

I don't see what relevance Cavan has to do with it though, other than you making a jibe at it for being a "backwater".

It's not like you can't run a successful business outside of Dublin. Kingspan operates out of Cavan & is one of Ireland's biggest manufacturing firms.

Billy86

I am surprised though, how many people are only hearing of this now? I probably took it for granted as public knowledge since I work in insurance, but it has been common-knowledge and I am quite sure mentioned in the papers since at least May.

I work in the sales end, and it would drive me nuts over the summer when people would give the line of "I would go with you guys, but Quinn have always been good to me" ... "they've always given me a fair price" ... "all the good he's done for this community/country" ... "he's a local, I have to support him" ... and so on, and so on.

Well, we're all supporting him now.

woodoo

Evaex wrote: »

What a modest house he owns though..

http://www.belfasttelegraph.co.uk/multimedia/archive/00033/quinn_33672t.jpg

And he'll get to stay there as long as he wants. We will pick up the tab for his mistakes.

This is getting worse. Noonan should be told to clear off. He is a disgrace. Imagine asking us to pay for Sean Quinns mess while his family transfer assets to avoid paying up. Its beyond sickening.

Right now i hate FG as much as FF.

starbelgrade

woodoo wrote: »

Right now i hate FG as much as FF.

Why anyone ever thought that FG would be any different from FF is beyond me. Politically & economically they are & have always been two sides of the same coin.

mikemac

Ah but sure isn't Séan a grand man

The good people of Cavan won't hear a bad word about him

It's the Dublin meja again him....

squod

I thinks it's only now people are copping on to the kinds of things FF/FG are up to. Bit late n'all but at least some good might come of this in the following elections.

Sofiztikated

starbelgrade wrote: »

He was great for bringing jobs to Cavan, but not great for this almighty fuck up.

I don't see what relevance Cavan has to do with it though, other than you making a jibe at it for being a "backwater".

It's not like you can't run a successful business outside of Dublin. Kingspan operates out of Cavan & is one of Ireland's biggest manufacturing firms.

Once again, starbelgrade, it seems like you're the only one with a head on your shoulders.

Why call Cavan a backwater? Because it's not Dublin? If he had been based out of Dublin, then I'm sure the debt would have been higher, due to massive difference in the rents/wages, etc.

AeoNGriM

Silly question, but why is the taxpayer paying to bail out privately owned companies? How does the government have the power to force the average Joe to pay for these idiots mistakes?

Surely there's a case to be made that is is illegal through the court system? Perhaps through the European courts?

Sofiztikated

squod wrote: »

I thinks it's only now people are copping on to the kinds of things FF/FG are up to. Bit late n'all but at least some good might come of this in the following elections.

You'd think that. But due to the intelligence of the average Irish voter, because FG haven't brought us back to stellar highs, with champagne, BMW's and investment properties in Bulgaria for everyone, FF will probably get back in.

starbelgrade

starbelgrade wrote: »

He was great for bringing jobs to Cavan, but not great for this almighty fuck up.

I don't see what relevance Cavan has to do with it though, other than you making a jibe at it for being a "backwater".

It's not like you can't run a successful business outside of Dublin. Kingspan operates out of Cavan & is one of Ireland's biggest manufacturing firms.

well it is relevant in the sense that he was lauded for bringing jobs to an area deprived of same and as a result probably had greater leeway than otherwise to cut corners in the insurance casino operation that was being run up there.

starbelgrade

glasso wrote: »

well it is relevant in the sense that he was lauded for bringing jobs to an area deprived of same and as a result probably had greater leeway than otherwise to cut corners in the insurance casino operation that was being run up there.

What the hell are you on about?

Are you seriously suggesting that just because Quinn insurance was set up in Cavan that they were allowed leeway to cut corners on how they operated?

What about the fuck ups of the major banks in Ireland & their seriously dodgy lending practices that have the country in the shitter? All their head offices are in Dublin.

What difference does that make? None.

I don't know what the hell you are on about & I seriously doubt that you do either.

seanybiker

Meh to be honest 2% doesn't bother at all. I know it should but my insurance was shag all when I was with them so 2% is nothing.

woodoo

seanybiker wrote: »

Meh to be honest 2% doesn't bother at all. I know it should but my insurance was shag all when I was with them so 2% is nothing.

Sadly that is the attitude that has allowed the Government and the EU/IMF to take the complete piss out of the Irish and make us pay for all that bank debt. And now Sean Quinn's debt and God knows what next.

seanybiker

woodoo wrote: »

Sadly that is the attitude that has allowed the Government and the EU/IMF to take the complete piss out of the Irish and make us pay for all that bank debt. And now Sean Quinn's debt and God knows what next.

I'm only one person. They won't be making much off me

starbelgrade

seanybiker wrote: »

I'm only one person. They won't be making much off me

For every health insurance plan, the government already charge a premium of €160. So you'll be paying another 2% not just on that but on the balance of what you pay to your insurer.

That may not seem like much to you, but when you consider that 2,227,000 people in Ireland have health insurance, they already take in €365 million before your even start to calculate the 2% additional charge on the entire total of what the insurers take in, which is a massive amount of money.

And then add to that the universal social charge you pay every month & how much a trip to the doctor or dentist costs & the VAT you pay on that.

They may not be making much of you, but they are making billions alone from us for health costs & providing the utterly shit service that is the HSE in return for all that money.

Stuff like that may not bother you, but it certainly bothers anyone who gives a toss about what goes on in this country.

Not everybody belongs to the Me Fein school of politics.

jazyguy

How is Quinn not locked up already along with the rest of his cronies. I understand the complexity of theses cases but the Irish people really need to see some justice soon.